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How Can Worker Misclassification Cost You Hundreds and Thousands of Dollars in Penalties!
Employee and worker classification is a critical aspect for businesses, as they bear the responsibility of withholding and paying income, employment, and FUTA (Federal Unemployment

What To Expect When the IRS Gets Serious
Anticipate the consequences when the Internal Revenue Service (IRS) escalates its efforts due to tax arrears. If you find yourself falling behind on taxes, expect

Record Keeping Essentials For Businesses
Keeping good records for businesses is important because it helps businesses and taxpayers keep track of their operations, check their income and expenses, and support

S-Corps and LLC Statuses Explained
Which one of the two is beneficial? How do I file taxes if we are a multiple member LLC? An S corporation stands as a

What Is A Partnership and How to File Taxes as A Partnership
“What’s a Partnership, you ask? Well, it’s like a business relationship where two or more folks team up to run a trade or business. Each

How to File Taxes as a Sole Proprietor?
Gathering Financial Documents Gathering all your financial documents is important when it comes to doing your taxes as a sole proprietor. It’s like getting all the pieces into

What Happens If Business Property Suffers From Casualty Or Theft Losses?
Deductible casualty and theft losses and related insurance reimbursements reduce the basis of the property. Q. What is a Casualty? A Casualty is defined as

Repairs vs Improvements: Understanding the Distinction in Home Maintenance
Repairs vs Improvements Within the tax code, there exists a clear distinction between repairs and improvements in relation to business property. Repairs encompass essential fixes

Demystifying Passive Activity Loss Rules in Taxation
Navigating the intricacies of tax regulations can be a daunting task, but understanding the Passive Activity Loss Limitations (PAL) is essential for anyone engaged in